P
Perumahan Rakyat 1Malaysia ( PR1MA ) Government initiative to deliver affordable housing to middle income households .
Prepayment Payment of all or part of a loan before maturity .
Provisional Lease Land that are yet to be surveyed by the Land and Survey Department . May have tenures of 45 , 60 or 99 years .
N
Purpose-built Office When about 75 % of the initial design is made for office use . Supported by other services or facilities like banks , restaurants , retail lots or post offices .
Native Title Land Land in which dealings must be carried out between natives , subject to the Sabah Land Ordinances .
Notice Period The length of notice required to be given by landlords or tenants to end tenancy .
O
Occupancy Certificate ( OC ) A formal document issued by local authority once the property has been completed and can be occupied .
Off-the-Plan Buying property based on just the plans , before it is completed .
Overhang A building up selling pressure . Defined by the government as projects issued Certificate of Fitness for Occupation or Temporary Certificates of Fitness for Occupation ( TCFO ) but remains unsold despite being on the market for at least 9 months .
Overnight Policy Rate ( OPR ) The OPR is generally the interest rate set by BNM and used for monetary policy direction . The OPR correlates to the Base Lending Rate ( BLR ), which in turns determine the interest rate on your loan . www . PropertyHunter . com . my 41